A 17-day trade does not need a 17-day lender. It needs a 30-day loan the borrower can end on day 17. Requiring the borrower’s clock to find its mirror is an architectural choice, not a law of credit.
Galaxy’s Q2 2026 report shows crypto deleveraging without a 2022-style collapse. Crypto-backed lending fell 16.8% to $56.2B, while DeFi loans dropped 27.6%. It also covers CeFi’s renewed lead, stablecoin borrowing rates, concentrated $ETH leverage on Aave, corporate debt and futures positioning. A sharp snapshot of crypto credit. Check out the full report from Galaxy Research.